Jack Wills has put four of its stores up for sale to help cut costs, after the retailer appointed advisers to assess the company’s financial position, it has been reported.
It is looking to assign leases to new tenants for its stores in Brighton, Worcester and Chester. The retailer is also looking to sell the lease on its Cheltenham store, The Sunday Times reports.
The move comes after the retailer’s lenders, led by high street bank HSBC, appointed accountancy firm EY in January, to assist in negotiations on borrowing covenants.
In a turbulent year for the fashion retailer, its founder, Peter Williams, was ousted from the business in August, and former Debenhams executive director, Suzanne Harlow, took over as CEO in September.
At the end of last year Jack Wills was understood to be in discussions to reduce rents in an effort to alleviate pressure on the business.
The retailer now has more than 90 stores and opened four new premises in November in Basingstoke, Braintree, Camberley and Spalding.
A spokeswoman said: “Like all retail businesses, we are always reviewing our store portfolio across the UK to ensure that our stores are in the right locations and in the right areas. However, we have no current plans to leave Brighton, Chester, Cheltenham or Worcester.”